Philippine Senator Proposes National Budget Tracking on Blockchain

Philippine Senator Bam Aquino has proposed recording the country’s national budget on a blockchain platform. He suggested during the Manila Tech Summit on Wednesday. He stressed that full transparency could strengthen public trust in government spending. “No one is crazy enough to put their transactions on blockchain, where every single step is logged and transparent to every citizen. But we want to start,” Aquino said. 

He acknowledged uncertainty about political support for the plan but described it as a bold step. Aquino added that if the Philippines moves forward, it could become the first country to place its entire national budget on-chain. The move, he argued, would make every peso spent traceable in real time.

Building on Existing Blockchain Use

At present, no formal proposal has been filed to scale a blockchain-powered budget system to cover the entire national budget. However, the Department of Budget and Management (DBM) already operates an on-chain platform, the first of its kind in Asia. It records specific fiscal documents and runs on Polygon, an Ethereum-compatible proof-of-stake network. The system publishes Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) online. Where they can be verified by the public. Prismo, an orchestration layer, manages encryption, validation, and data handling. This ensures that the records remain secure while staying accessible.

BayaniChain Role and Response

BayaniChain, the blockchain firm powering the DBM’s platform, welcomed Aquino’s proposal. Co-founder and CEO Paul Soliman noted that while blockchain is not a complete fix for corruption, it does strengthen accountability. “His vision aligns with ours, building more transparent and accountable systems for the Philippines,” Soliman said. He added that blockchain cannot prevent misconduct on its own. But its immutable records make it harder to escape accountability. Soliman clarified that BayaniChain’s role is purely technical. The company connects the DBM’s internal system to a public blockchain. Ensuring budget documents are verifiable and tamper-proof once uploaded.

Outlook

The proposal remains at a conceptual stage. With Aquino yet to introduce legislation. Analysts note that while blockchain can enhance transparency. Its adoption in national governance presents challenges. These include political will, system integration, and ensuring ease of access for citizens unfamiliar with blockchain technology. Still, Aquino’s comments highlight a growing interest in leveraging blockchain beyond private finance. If adopted, the Philippines could set a precedent for using decentralized technology in managing public resources.